"2011 was a year of stagnation." Andranik Tevanyan, head of "PolitEconomy" research center

2011 was a year of stagnation, according to the head of "PolitEconomy" research center Andranik Tevanyan.

Tevanyan explained the aforesaid by authorities’ failure to fulfill their pledges in social-economic sphere during President Serzh Sargsyan’s presidency, as well as intensification of business consolidation and strengthening of oligarchy.

In this context the expert recalled authorities’ pledges to ensure 8-10% economic growth, up to 10% poverty reduction, as well as Prime Minister Tigran Sargsyan’s statement that financial and economic crisis will not pose a threat to Armenia.

Andranik Tevanyan further attributed current economic growth to inflation.